We all know Bitcoin is great for buying a wide range of products and services over the internet but, did you know it is also great for casino games? Gamblers all over the world have been using Bitcoin to place their hard-earned crypto on sports betting sites and for a good reason. When you bet with Bitcoin, it’s way more convenient in many ways when compared to traditional gambling.
In this article, we will weigh the pros and cons of Bitcoin gambling so you can decide if it is something you see yourself doing or not. Let’s dig right in!
Pros of Betting With Bitcoin
As mentioned before, Bitcoin is pretty famous among gamblers due to its convenience, which is why we’re seeing more and more Bitcoin sports betting sites and online casinos nowadays allowing deposits and making payments in various cryptocurrencies.
To provide you with a better insight into how beneficial Bitcoin has been for the casino and gambling industry, here’s a short list of all the pros it provides to both gamblers and sports betting sites/online casino owners.
- Bitcoin is a decentralized digital currency that’s not controlled by a single person, group, or entity like the government or a financial institution, meaning you’ll always be in control of your own money and earnings.
- Deposits at crypto betting sites are processed almost instantly, which gives it a huge advantage over regular betting sites that only allow deposits in fiat since you don’t have to wait for any bank approval. This is a huge point in favor, especially for eSports and sporting events bettors where timing is a crucial factor. It goes without saying that the same happens with withdrawals.
- Bitcoin betting is a safer alternative. In order to make a deposit in crypto betting sites, you will only need their wallet address (which is found in a link they provide you) and that’s it. You will only be sharing your public key, which is nothing crooks could take advantage of. You won’t have to go through the trouble of filling in your card details or any other personal information into a web form you know nothing about, which is great.
- Another reason to give crypto sports betting sites a chance and bet with crypto is their more generous welcome bonuses and incentives. Why does this happen you may ask, well, simply because an online casino or betting site that receives cryptocurrency saves money with every transaction that is not made with fiat money. Bank transfers and credit card payments usually take considerable percentages out of your transaction as a service fee, not only when you withdraw money but also when you deposit from your bitcoin wallet. Therefore, when customers choose to fund their accounts with bitcoin, the house doesn’t lose money on fees. However, instead of keeping it in their pockets, crypto betting sites use that money as an incentive to encourage users to continue gambling with crypto and, of course, to bring even more people to the gambling sites.
Cons of Betting With Bitcoin
Unfortunately, as with everything in life, using Bitcoin to place bets also has downfalls. Downfalls that you should be aware of and should seriously take into consideration before joining a Bitcoin gambling site.
- Oddly enough, the lack of regulation we mentioned as an advantage in the pros section is also a disadvantage, mainly because no consumer protection is guaranteed. To give you a clearer picture of this, there’s basically no one you can turn to if something happens to your money on crypto betting sites. Let’s say you encounter an issue while trying to make a withdrawal of your earnings; the money disappears from your account and you don’t see it in your wallet. You can certainly complain about the site, but there’s no financial institution or government entity backing you up and protecting your money, meaning that if they say your money is gone (for whatever reason), it’s gone. However, this is highly unlikely to happen.
- Another con that goes hand in hand with the one that was previously mentioned is the increased risk of encountering cryptocurrency betting sites that are scams. Since it’s something that’s becoming more and more popular as time goes by, scammers are trying to take advantage of it by creating, for example, fake Bitcoin sports betting sites that get you to deposit by offering unbelievable welcome bonuses. However, this can be easily avoided by sticking with renowned Bitcoin betting sites and casinos such as FortuneJack and Cloudbet.
- The last point against betting with Bitcoin is its volatility. Bitcoin’s price (and cryptocurrencies in general) bounces up and down every day, meaning that the value of your winnings could potentially decrease overnight if the market crashes. However, this could also be perceived as a pro since, if the price rises, your earnings will also increase, making its volatility some sort of a double-edged sword.
Can I Bet With Other Cryptocurrencies Too?
Yes, you certainly can! Even though not all of them do, the majority of online cryptocurrency gambling sites and casinos allow you to bet with Bitcoin and also gamble with many other popular cryptocurrencies like Ethereum, Litecoin, Tether, Shiba Inu, Bitcoin Cash, etc.
Many Bitcoin sites accept multiple cryptocurrencies, but Bitcoin is still the golden standard for sports betting. The best Bitcoin sites allow you to convert any major cryptocurrency or use FIAT to play casino games on the internet. This has made gambling with Bitcoin sports more accessible to the average crypto holder.
Unfortunately, Bitcoin gambling continues to be surrounded by skepticism nowadays, mostly due to ignorance. People are naturally scared of the unknown, so even if this relatively new transaction method represents an overall better alternative for betting (which it does), many gamblers and bettors simply won’t use it because they see it as an unnecessary risk to go through.
It is true that gambling in crypto does involve some risks you should be aware of. However, all of those risks can be easily avoided if you’re cautious when looking for an online sports betting site and do some research before making a crypto deposit in one of these sites. Always remember that Bitcoin operates free of central control, and that lack of regulation, unfortunately, increases the risk of suffering from cryptocurrency scams.
But overall, it’s safe to say that crypto betting sites may not be suited for everyone. The risk will always be there and you need to be willing to face it. Besides, you’d also need to be okay with volatile prices and the fact that, in fiat terms, your $1,000 today could turn into $500 the following week, or into $1,500, no one knows.
How can I start betting online with crypto?
The first thing you need to do to start betting online with crypto is to open a wallet in case you don’t already have one. Once you have your wallet and have exchanged your standard currency for some coins, it’s time to look for the best Bitcoin sports betting sites and/or online casinos. You’ll have plenty of options, so first do your research and pick the one that best suits your needs. Once you have found the perfect Bitcoin gambling site, you’d only need to make a deposit from your bitcoin wallet, which is a pretty straightforward process that gambling sites will carefully explain, and that’s it, you can start betting and gambling with crypto!
Is it legal to bet with crypto?
Even though it’s a perfectly normal and widely accepted payment method in most countries, it is best to check your local laws and regulations before you start using a crypto-betting site. The majority of governments cannot possibly ban or restrict you from gambling with cryptocurrencies, but it is better to be safe than sorry.
What can I gamble on with crypto?
This of course depends on the betting site you choose, but essentially, you can gamble and bet on pretty much anything that’s available for you, just like it would when using your regular currency. From casino games like poker and blackjack to sports and e-sports betting, you’ll have the opportunity to bet with cryptocurrency on a wide range of games.
What are the best crypto gambling sites?
Bitcoin gambling sites are a dime a dozen these days but there are some that really stand out. If your looking for a place to do your Bitcoin sports betting, here is our review of some of the newest Bitcoin casinos. Gambling can become extremely addicting though, particularly on a Bitcoin gambling site, so practice moderation when you play!